M&A Deal Summary

Souter Investments Limited and Sullivan Street Partners Acquire Tracerco

On May 3, 2023, family office Souter Investments Limited and private equity firm Sullivan Street Partners acquired energy services and equipment company Tracerco from Johnson Matthey

Acquisition Highlights
  • This is Souter Investments Limited’s 2nd and Sullivan Street Partners’ 1st transaction in the Energy Services and Equipment sector.
  • This is Souter Investments Limited’s 37th and Sullivan Street Partners’ 8th transaction in the United Kingdom.

M&A Deal Summary
Date 2023-05-03
Target Tracerco
Sector Energy Services and Equipment
Buyer(s) Souter Investments Limited
Sullivan Street Partners
Sellers(s) Johnson Matthey
Deal Type Divestiture

Target

Tracerco

Billingham, United Kingdom
Tracerco is a global technology company providing unique and specialized detection, diagnostic, and measurement solutions and services to the global oil & gas, refining, petrochemical, and radiation assurance markets. The company's innovative technologies are used to measure, characterize and control process systems and diagnose operational problems for its customers in all aspects of oil and gas production – from reservoir management and refining to retail outlets for consumer fuel products. Tracerco was formed in 1958 and is based in Billingham, United Kingdom.

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Buyer(S) 2

Buyer

Souter Investments Limited

Investor Investor Investor Investor Investor

Category Family Office
Founded 2008
Size Small
Type Sector Agnostic
DESCRIPTION

Souter Investments is a family office focused on private equity investing throughout the UK. The Firm looks to commit £2 to £30 million to support a variety of transaction situations including buyouts, growth capital financings, corporate divestitures, and balance sheet restructurings. Broad areas of interest include transportation, luxury goods, financial services, healthcare, and business services. Souter Investments was established in 2008 and is based in Edinburgh, Scotland.

DEAL STATS #
Overall 42 of 48
Sector (Energy Services and Equipment) 2 of 3
Type (Divestiture) 6 of 6
Country (United Kingdom) 37 of 42
Year (2023) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-17 DivideBuy

Staffordshire, United Kingdom

DivideBuy is a FinTech company which offers interest free credit to customers through selected online and offline retailers. DivideBuy provides interest-free credit to over 300,000 account holders. The company currently has partnerships with over 400 retailers. DivideBuy was founded in 2012 and is based in Staffordshire, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-05-10 Cardo Group

Cardiff, United Kingdom

Cardo Group has been formed to support social housing providers with their maintenance, compliance, retrofit and decarbonisation needs. Cardo Group was founded in 2023 and is based in Cardiff, United Kingdom.

Buy -
Buyer

Sullivan Street Partners

Marylebone, United Kingdom

Investor Investor

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Agnostic
DESCRIPTION

Sullivan Street Partners is a UK-based private equity firm that seeks buyouts of lower middle-market companies facing complex situations. The Firm's sector interest includes consumer, healthcare, business services, and financial services. Sullivan Street Partners was formed in 2010 and is based in London.

DEAL STATS #
Overall 8 of 8
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 3 of 3
Country (United Kingdom) 8 of 8
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-09-10 Octavius Infrastructure

Reigate, United Kingdom

Octavius Infrastructure is a specialist transport infrastructure and civil engineering business focused on railways and highways. The business is a Tier one supplier to key public bodies such as Network Rail, National Highways, and Transport for London. Octavius Infrastructure is based in Reigate, United Kingdom.

Buy -

Seller(S) 1

SELLER

Johnson Matthey

London, United Kingdom
Category Company
Founded 1817
Sector Chemicals
Employees11,685
Revenue 12.8B GBP (2024)
DESCRIPTION

Johnson Matthey is a specialty chemicals company underpinned by science, technology and our people. A leader in sustainable technologies, many of our products enhance the quality of life for millions worldwide. Johnson Matthey was founded in 1817 and is based in London, England.

DEAL STATS #
Overall 8 of 10
Sector (Energy Services and Equipment) 1 of 1
Type (Divestiture) 8 of 10
Country (United Kingdom) 5 of 5
Year (2023) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-05-26 Johnson Matthey - Battery Materials Business

London, United Kingdom

Johnson Matthey's Battery Materials Business provides battery chemicals services.

Sell £50M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-10-03 Johnson Matthey - LFP Cathode Technology Centre

Moosburg, Germany

Johnson Matthey's LFP Cathode Technology Centre supplies manufacturers with cathode and anode materials for lithium-ion batteries. Johnson Matthey's LFP Cathode Technology Centre is based in Moosburg, Germany.

Sell -
Mergr

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